Civic Intelligence

Hammond Development Corporation

EIN 35-1581423 • 501(c)3 • Hammond, IN

Profile

Hammond development corporation (hdc), an indiana not-for-profit organization, was formed to provide broad based charitable support for the development and redevelopment of the city of hammond, including the stimulation of historical renovation, general business development, increase in commerce and trade, and general stimulation of the revitalization of the city of hammond.

5209 Hohman AvenueHammond, IN 46320

www.hammonddevelopmentcorp.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

58th percentile

0.11x

Higher debt load relative to assets than 58% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

65th percentile

0.19x

Higher debt load relative to revenue than 65% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

3rd percentile

-102%

Higher net margin than 3% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

53rd percentile

$67,626

Higher top officer pay than 53% of similar nonprofits.

Top officer pay equals 6.6% of source-year revenue.

501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

5th percentile

-39%

Faster asset growth than 5% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

10th percentile

-33%

Faster revenue growth than 10% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets58th percentile

Assets

Down

$1,716,053

Down $1,119,459 (-39%) from 2020

Liabilities

Down

$191,649

Down $33,326 (-15%) from 2020

Net Assets

Down

$1,524,404

Down $1,086,133 (-42%) from 2020

Operations
Liabilities / Revenue65th percentileNet Margin3rd percentile

Revenue

Down

$1,032,224

Down $516,823 (-33%) from 2020

Expenses

Up

$2,082,749

Up $1,537,129 (+282%) from 2020

Net Income

Down

-$1,050,525

Down $2,053,952 (-205%) from 2020

Trend Graphs

Balance Sheet Trend

Asset Growth5th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$4.0M$3.0M$2.0M$1.0M$0Assets 2010: $3,263,348Liabilities 2010: $514,304Net Assets 2010: $2,749,0442010Assets 2011: $3,078,907Liabilities 2011: $269,072Net Assets 2011: $2,809,8352011Assets 2012: $2,282,205Liabilities 2012: $27,904Net Assets 2012: $2,254,3012012Assets 2013: $2,750,122Liabilities 2013: $18,322Net Assets 2013: $2,731,8002013Assets 2014: $3,003,522Liabilities 2014: $266,515Net Assets 2014: $2,737,0072014Assets 2015: $3,093,927Liabilities 2015: $283,798Net Assets 2015: $2,810,1292015Assets 2016: $2,865,494Liabilities 2016: $313,774Net Assets 2016: $2,551,7202016Assets 2017: $3,198,674Liabilities 2017: $681,432Net Assets 2017: $2,517,2422017Assets 2018: $3,326,606Liabilities 2018: $556,225Net Assets 2018: $2,770,3812018Assets 2019: $2,772,275Liabilities 2019: $491,870Net Assets 2019: $2,280,4052019Assets 2020: $2,835,512Liabilities 2020: $224,975Net Assets 2020: $2,610,5372020Assets 2021: $1,716,053Liabilities 2021: $191,649Net Assets 2021: $1,524,4042021

Highlighted filing

2021

Assets$1,716,053
Liabilities$191,649
Net Assets$1,524,404
Open 2021 Filing

Operations Trend

Revenue Growth10th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$3.0M$2.0M$1.0M$0-$1.0M-$2.0MExpenses 2010: $768,2082010Expenses 2011: $858,2152011Expenses 2012: $1,024,5382012Revenue 2013: $1,032,496Expenses 2013: $554,997Net Income 2013: $477,4992013Revenue 2014: $505,674Expenses 2014: $562,977Net Income 2014: -$57,3032014Revenue 2015: $578,989Expenses 2015: $601,632Net Income 2015: -$22,6432015Revenue 2016: $508,625Expenses 2016: $641,647Net Income 2016: -$133,0222016Revenue 2017: $471,308Expenses 2017: $505,786Net Income 2017: -$34,4782017Revenue 2018: $1,708,414Expenses 2018: $1,419,773Net Income 2018: $288,6412018Revenue 2019: $1,570,780Expenses 2019: $2,060,756Net Income 2019: -$489,9762019Revenue 2020: $1,549,047Expenses 2020: $545,620Net Income 2020: $1,003,4272020Revenue 2021: $1,032,224Expenses 2021: $2,082,749Net Income 2021: -$1,050,5252021

Highlighted filing

2021

Revenue$1,032,224
Expenses$2,082,749
Net Income-$1,050,525
Open 2021 Filing

Filings

Most recent year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,716,053
Liabilities
$191,649
Net assets
$1,524,404
Revenue
$1,032,224
Expenses
$2,082,749
Net income
-$1,050,525
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2021Detailed filing. Detailed filing data is available for this year.$1.72$0.19$1.52$1.03$2.08$1.05
2020Detailed filing. Detailed filing data is available for this year.$2.84$0.22$2.61$1.55$0.55$1.00
2019Detailed filing. Detailed filing data is available for this year.$2.77$0.49$2.28$1.57$2.06$0.49
2018Detailed filing. Detailed filing data is available for this year.$3.33$0.56$2.77$1.71$1.42$0.29
2017Detailed filing. Detailed filing data is available for this year.$3.20$0.68$2.52$0.47$0.51$0.03
2016Detailed filing. Detailed filing data is available for this year.$2.87$0.31$2.55$0.51$0.64$0.13
2015Detailed filing. Detailed filing data is available for this year.$3.09$0.28$2.81$0.58$0.60$0.02
2014Detailed filing. Detailed filing data is available for this year.$3.00$0.27$2.74$0.51$0.56$0.06
2013Detailed filing. Detailed filing data is available for this year.$2.75$0.02$2.73$1.03$0.55$0.48
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.28$0.03$2.25$1.02
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.08$0.27$2.81$0.86
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.26$0.51$2.75$0.77
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 9, 2022
Return Version
2021v4.2
Gross Receipts
$1,047,159
Mission and Program Overview

Mission

Hammond development corporation (hdc), an indiana not-for-profit organization, was formed to provide broad based charitable support for the development and redevelopment of the city of hammond, including the stimulation of historical renovation, general business development, increase in commerce and trade, and general stimulation of the revitalization of the city of hammond.

Provide education and assistance to minority and women based business and to rehab buildings in blighted downtown hammond, indiana to provide business space for wbe/mbes.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$984,791$918,007▼ $66,784
Savings and Temporary Cash Investments$1,440,802$631,441▼ $809,361
Prepaid Expenses and Deferred Charges$260,384$125,106▼ $135,278
Other Notes and Loans Receivable, Net$101,815$41,031▼ $60,784
Accounts Receivable$6,187$468▼ $5,719
Total Assets$2,793,979$1,716,053▼ $1,077,926
Liabilities
Other Liabilities$203,976$169,676▼ $34,300
Accounts Payable and Accrued Expenses$15,074$17,853▲ $2,779
Deferred Revenue$0$4,120▲ $4,120
Total Liabilities$219,050$191,649▼ $27,401
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,470,313$1,368,883▼ $101,430
Net Assets With Donor Restrictions$1,104,616$155,521▼ $949,095
Total Net Assets Fund Balance$2,574,929$1,524,404▼ $1,050,525
Total Liabilities and Net Assets / Fund Balance$2,793,979$1,716,053▼ $1,077,926

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$905,633$802,097$1,707,730
Equipment$12,374$28,271$40,645
Compensation and Service Providers
Top Officer Pay53rd percentile

Employees

NameTitleFull / Part TimeBaseTotal
Jennifer BusseyExecutive DirectorFT$67,626$67,626

Board Members and Trustees

NameTitle
Phillip TaillonPresident
Tamera LeinhartVice President
Africa TarverTrustee
Alexis WilliamsTrustee
Anne AndersonTrustee
Ashley GerodimosTrustee
David RyanTrustee
Janet VeneczTrustee
Karen MaravillaTrustee
Mark MclaughlinTrustee
Scott YahneTrustee
Stephanie ValenzuelaTrustee
Tony HauprichTrustee
Monica GarciaSecretary
KATHY O'DONNELLTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$587,595
Program Service Revenue
$448,996
Investment Income
$-9,174
Other Revenue
$4,807
All Other Contributions
$103,295
Change in Net Assets
$-1,050,525

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,047,159
Revenue Not Reported on Financial Statements
$-14,935
Revenue Not Reported on Form 990
$36,019
Other Revenue Adjustments
$-14,935
Total Revenue per Audited Statements
$1,083,178
Total Revenue per Form 990
$1,032,224
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,864,945
Salaries, Compensation, and Employee Benefits$217,804
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$60,147$168,244-$228,391
Insurance$130,400$2,355-$132,755
Other Salaries and Wages$56,864$25,863-$82,727
Current Officers, Directors, Trustees, and Key Employees$49,773$17,853-$67,626
Depreciation Depletion$4,071$49,243-$53,314
Office Expenses$7,396$39,930-$47,326
Other Employee Benefits$32,057$13,142-$45,199
Fees for Services Accounting-$41,664-$41,664
Payroll Taxes$12,366$5,070-$17,436
Fees for Services Other$124$13,436-$13,560
Fees for Services Legal$8,694$2,264-$10,958
Fees for Services Management-$7,190-$7,190
Pension Plan Contributions$3,416$1,400-$4,816
Other Expenses$547$512-$1,059
Travel-$80-$80
All Other Expenses$517$-4,556-$-4,039
Total Functional Expenses$1,681,072$401,677$0$2,082,749

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,133,703
Expenses per Audited Statements$2,082,749
Total Expenses per Form 990$2,082,749
Expenses Not Reported on Form 990$50,954
Expenses Not Reported on Financial Statements$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Note Payable to Urban Enterprise Associations of Hammond, Indiana, Inc.$169,676
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“The organization presents a draft of form 990 to the entire board during a meeting of the board of directors prior to filing.”

Form 990, Part VI, Section B, Line 12C

“The organization does not contract services or purchase goods from any board member or related entity. Board members are reminded annually of this policy and any potential conflict is avoided.”

Form 990, Part VI, Section C, Line 19

“The organization's documents, financial statements, and tax return are available to the general public upon request.”

Filing and Contact Details

Filer

Filer Name
Hammond Development Corporation
EIN
35-1581423
Phone
2198536399
Address
5209 HOHMAN AVENUE, HAMMOND, IN 46320

Signing Officer

Name
Philip Taillon
Title
President
Phone
2198536399
Signed
2022-11-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Philip Taillon
Formed
1984
Legal Domicile
In
Voting Board Members
15
Independent Board Members
15
Employees
7
Volunteers
0

Preparer

Firm
Cliftonlarsonallen Llp
Address
1301 WEST 22ND STREET SUITE 1100, OAK BROOK, IL 60523
Preparer
Thomas G Andrews
Phone
6305738600
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C

“The finance committee assumes responsibility for the oversight of the audit and the selection of an independent accountant. The process has not changed from the prior year. At the time of filing the 990, the organization engaged an independent audit and will have the audited financial statements available upon completion.”

Financial Statement Notes

PART X, LINE 2:

“The organization is exempt from income taxes under section 501(c)(3) of the irs and is similarly classified by the state of indiana. However, the organization would be liable for income taxes on any unrelated business income. For the year ended december 31, 2021, the organization does not anticipate taxable income.”

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“Loss on sale of assets -14,935.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Loss on sale of assets 14,935.”

Raw XML AppendixShowing 400 of 567 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/ActivityOrMissionDesc0PROVIDE EDUCATION AND ASSISTANCE TO MINORITY AND WOMEN BASED BUSINESS AND TO REHAB BUILDINGS IN BLIGHTED DOWNTOWN HAMMOND, INDIANA TO PROVIDE BUSINESS SPACE FOR WBE/MBES.
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IRS990/Desc0HDC EXPANDED ITS SMALL BUSINESS INCUBATOR PLAN BY ACQUIRING ABANDONED AND VACANT BUILDINGS IN THE DOWNTOWN HAMMOND AREA THROUGH GRANTS FROM THE CITY OF HAMMOND AND CONTRIBUTIONS FROM AREA BUSINESSES. HDC REHABILITATED CERTAIN BUILDINGS TO MAKE USEABLE BUSINESS SPACE AVAILABLE THROUGH RENTAL AGREEMENTS AND OUTRIGHT SALES TO FLEDGLING BUSINESSES THAT ARE NOT ABLE TO AFFORD SUCH SPACE AT CURRENT MARKET PRICES, NOR WOULD THE BUSINESSES BE ABLE TO AFFORD TO RENOVATE THE ABANDONED SPACES TO MAKE THEM BUSINESS READY. ONE OF HDC'S MAIN INITIATIVES HAS BEEN TO ATTRACT NEW HIGH-TECH INTERNET START-UP FIRMS TO DOWNTOWN HAMMOND TO REPLACE AND SUPPLEMENT THE RUST BELT INDUSTRIES THAT ONCE AND STILL DOMINATE THE LOCAL ECONOMY.ON JULY 1, 1997, HDC CREATED ITS BUSINESS BUILDERS PROGRAM TO SUPPORT THE CITY OF HAMMOND'S "INCUBATOR PLAN". THE PURPOSE OF THE INCUBATOR PLAN IS TO ASSIST HAMMOND-BASED WOMEN AND MINORITY OWNED BUSINESS ENTERPRISES. THE PROGRAM INCLUDES A REVOLVING LOAN ARRANGEMENT AND EDUCATIONAL PROGRAMS AND ACTIVITIES.
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IRS990/MissionDesc0HAMMOND DEVELOPMENT CORPORATION (HDC), AN INDIANA NOT-FOR-PROFIT ORGANIZATION, WAS FORMED TO PROVIDE BROAD BASED CHARITABLE SUPPORT FOR THE DEVELOPMENT AND REDEVELOPMENT OF THE CITY OF HAMMOND, INCLUDING THE STIMULATION OF HISTORICAL RENOVATION, GENERAL BUSINESS DEVELOPMENT, INCREASE IN COMMERCE AND TRADE, AND GENERAL STIMULATION OF THE REVITALIZATION OF THE CITY OF HAMMOND.
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IRS990/ProgSrvcAccomActy2Grp/Desc0ON JUNE 12, 2018, GRANTS PROVIDED BY HAMMOND PORT AUTHORITY AND THE CITY OF HAMMOND WERE PLACED INTO A RESTRICTED ACCOUNT FOR THE USE OF MANAGING CERTAIN VISUAL AND PERFORMING MUSICAL AND ENTERTAINMENT ACTS AT THE WOLF LAKE PAVILION IN HAMMOND, INDIANA. THIS PROGRAM ENCOURAGES TOURISM WITH THE PROVISION OF FREE CONCERT EVENTS. THE PURPOSE OF THE GRANT IS THE INTENTION THAT REVENUE FROM THE MUSICAL AND ENTERTAINMENT ACTS WILL REPLENISH AND WILL CONTINUE TO BE USED FOR THIS PURPOSE IN PERPETUITY.
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IRS990/ProgSrvcAccomActy3Grp/Desc0ON OCTOBER 1, 2010, HDC TOOK OVER THE HAMMOND INNOVATION CENTER (HIC) FROM PURDUE UNIVERSITY CALUMET TO SUPPORT THE CITY OF HAMMOND'S MAIN INITIATIVE OF ATTRACTING NEW HIGH-TECH START-UP FIRMS TO DOWNTOWN HAMMOND. THE PROGRAM INCLUDES PROVIDING COMPETITIVELY PRICED OFFICE SPACE INCLUDING A BUILT-IN INFRASTRUCTURE OF SERVICES AS WELL AS THE NECESSARY BUSINESS RESOURCES TO ASSIST IN THE SUCCESSFUL OPERATION OF START-UP BUSINESSES.THE HUB OF INNOVATION IS AN EXTENSION OF THE HAMMOND INNOVATION CENTER BUT IS A NEW AVENUE FOR CULTIVATING BUSINESS AND JOB CREATION THROUGH INTERNSHIP OPPORTUNITIES. THIS SITE FOCUSES ON INTRODUCING UNIVERSITY INTERNS TO BUSINESS TENANTS AND CONTRACT PARTNERSHIPS.
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